Loss-making Sony to axe 10,000 jobs

New Sony chief executive and president Kazuo Hirai outlined his business strategy today (Reuters)

Sony is to slash 10,000 jobs, or about 6% of its global workforce, and turn around its money-losing TV business to try to return to profit after four years in the red.

The company employs around 450 people at a plant in Pencoed, south Wales.

New Sony chief executive and president Kazuo Hirai outlined his business strategy today as he pledged to revive the electronics and entertainment company.

Sony has more than doubled its annual net loss projection for the year to March to £4 billion, its worst ever.

Through cost-cutting, Mr Hirai said Sony would turn around its TV business, which has lost money for eight years, by March 2014.

Sony will also expand its business in emerging markets and medical equipment.